Two MR product tankers owned by Japan's Wakoh Kisen Kaisha have been sold to a Singapore-based fund called PAG.

The Pacific Marchioness and Pacific Duchess were sold for US$43m en bloc. Clarksons Research said while the price looks high, it is important to consider that the deal was on subjects for around a month and hence PAG would have paid a premium for such flexibility.

The vessels are to enter into a five year bareboat charter to a third party at an undisclosed level.

Prior to being sold, the vessels were on charter to Hanjin Shipping, which filed for court receivership last week.